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Segment Information | 6 Months Ended
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Jun. 30, 2025
Segment Information |
Segment Information | (10) Segment Information Liberty Broadband identifies its reportable segments as (A) those consolidated companies that represent 10% or more of its consolidated annual revenue, annual Adjusted OIBDA (as defined below) or total assets and (B) those equity method affiliates whose share of earnings or losses represent 10% or more of Liberty Broadband’s annual pre-tax earnings (losses). Liberty Broadband’s chief operating decision maker, the Chief Executive Officer, evaluates performance and makes decisions about allocating resources to its operating segments based on financial measures such as revenue, operating expenses, selling, general and administrative expenses, and Adjusted OIBDA. In addition, Liberty Broadband reviews nonfinancial measures such as subscriber growth. For the six months ended June 30, 2025, Liberty Broadband has identified the following consolidated company and equity method investment as its reportable segments:
| ● | GCI Holdings – a wholly owned subsidiary of the Company that provides a full range of data, wireless, video, voice, and managed services to residential, businesses, governmental entities, and educational and medical institutions primarily in Alaska.
| ● | Charter – an equity method investment that is one of the largest providers of cable services in the United States, offering a variety of entertainment, information and communications solutions to residential and commercial customers.
Liberty Broadband’s operating segments are strategic business units that offer different products and services. They are managed separately because each segment requires different technologies, distribution channels and marketing strategies. The accounting policies of the segment that is also a consolidated company are the same as those described in the Company’s summary of significant accounting policies in the Company’s annual financial statements included in its Annual Report on Form 10-K for the year ended December 31, 2024. See note 4 for segment disclosure information related to Charter. Performance Measures Revenue by segment from contracts with customers, classified by customer type and significant service offerings follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three months ended | ​ | Six months ended | ​
​ | ​ | June 30, | ​ | June 30, | ​
​ | ​ | 2025 |  | 2024 | ​ | 2025 |  | 2024 | ​
​ | ​ | amounts in millions | ​
GCI Holdings | ​ | ​ |  |  |  | ​ |  |  |  | ​
Consumer Revenue | ​ | ​ |  |  |  | ​ |  |  |  | ​
Data | ​ | $ | 60 | ​ | 60 | ​ | 121 | ​ | 120 | ​
Wireless | ​ | ​ | 35 | ​ | 34 | ​ | 69 | ​ | 69 | ​
Other | ​ |  | 9 | ​ | 10 | ​ | 18 | ​ | 19 | ​
Business Revenue | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Data | ​ |  | 124 | ​ | 108 | ​ | 251 | ​ | 215 | ​
Wireless | ​ |  | 8 | ​ | 10 | ​ | 16 | ​ | 21 | ​
Other | ​ |  | 2 | ​ | 4 | ​ | 5 | ​ | 8 | ​
Lease, grant, and revenue from subsidies | ​ |  | 23 | ​ | 20 | ​ | 47 | ​ | 39 | ​
Total GCI Holdings | ​ | ​ | 261 | ​ | 246 | ​ | 527 | ​ | 491 | ​
Corporate and other | ​ | ​ | — | ​ | — | ​ | — | ​ | — | ​
Total | ​ | $ | 261 |  | 246 | ​ | 527 |  | 491 | ​
​ The Company had receivables of $140 million and $193 million at June 30, 2025 and December 31, 2024, respectively, the long-term portion of which are included in Other assets, net. The Company had deferred revenue of $34 million and $33 million at June 30, 2025 and December 31, 2024, respectively. The receivables and deferred revenue are only from contracts with customers. GCI Holdings’ customers generally pay for services in advance of the performance obligation and therefore these prepayments are recorded as deferred revenue. The deferred revenue is recognized as revenue in the accompanying condensed consolidated statements of operations as the services are provided. Changes in the contract liability balance for the Company during the six months ended June 30, 2025 were not materially impacted by other factors. The future revenue to be recognized related to performance obligations that are unsatisfied (or partially unsatisfied) is approximately $238 million in the remainder of 2025, $353 million in 2026, $139 million in 2027, $53 million in 2028 and $54 million in 2029 and thereafter. For segment reporting purposes, Liberty Broadband defines Adjusted OIBDA as revenue less operating expenses and selling, general and administrative expenses excluding stock-based compensation. Liberty Broadband believes this measure is an important indicator of the operational strength and performance of its businesses by identifying those items that are not directly a reflection of each business’ performance or indicative of ongoing business trends. In addition, this measure allows management to view operating results and perform analytical comparisons and benchmarking between businesses and identify strategies to improve performance. This measure of performance excludes depreciation and amortization, stock-based compensation, separately reported litigation settlements and restructuring and impairment charges that are included in the measurement of operating income pursuant to GAAP. Accordingly, Adjusted OIBDA should be considered in addition to, but not as a substitute for, operating income, net earnings, cash flow provided by operating activities and other measures of financial performance prepared in accordance with GAAP. Liberty Broadband generally accounts for intersegment sales and transfers as if the sales or transfers were to third parties, that is, at current prices. Other performance measures are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three months ended | ​
​ | ​ | June 30, 2025 | ​
​ | ​ | GCI | ​ | Corporate | ​ | ​ | ​
​ | ​ | Holdings | ​ | and Other | ​ | Total | ​
​ | ​ | amounts in millions | ​
Revenue | ​ | $ | 261 | ​ | — | ​ | 261 | ​
Operating expense (excluding stock-based compensation) | ​ | ​ | (58) | ​ | — | ​ | (58) | ​
Selling, general and administrative expense (excluding stock-based compensation) | ​ | ​ | (95) | ​ | (9) | ​ | (104) | ​
Adjusted OIBDA | ​ | $ | 108 | ​ | (9) | ​ | 99 | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Six months ended | ​
​ | ​ | June 30, 2025 | ​
​ | ​ | GCI | ​ | Corporate | ​ | ​ | ​
​ | ​ | Holdings | ​ | and Other | ​ | Total | ​
​ | ​ | amounts in millions | ​
Revenue | ​ | $ | 527 | ​ | — | ​ | 527 | ​
Operating expense (excluding stock-based compensation) | ​ | ​ | (116) | ​ | — | ​ | (116) | ​
Selling, general and administrative expense (excluding stock-based compensation) | ​ | ​ | (192) | ​ | (21) | ​ | (213) | ​
Adjusted OIBDA | ​ | $ | 219 | ​ | (21) | ​ | 198 | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three months ended | ​
​ | ​ | June 30, 2024 | ​
​ | ​ | GCI | ​ | Corporate | ​ | ​ | ​
​ | ​ | Holdings | ​ | and Other | ​ | Total | ​
​ | ​ | amounts in millions | ​
Revenue | ​ | $ | 246 | ​ | — | ​ | 246 | ​
Operating expense (excluding stock-based compensation) | ​ | ​ | (62) | ​ | — | ​ | (62) | ​
Selling, general and administrative expense (excluding stock-based compensation) | ​ | ​ | (98) | ​ | (6) | ​ | (104) | ​
Adjusted OIBDA | ​ | $ | 86 | ​ | (6) | ​ | 80 | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Six months ended | ​
​ | ​ | June 30, 2024 | ​
​ | ​ | GCI | ​ | Corporate | ​ | ​ | ​
​ | ​ | Holdings | ​ | and Other | ​ | Total | ​
​ | ​ | amounts in millions | ​
Revenue | ​ | $ | 491 | ​ | — | ​ | 491 | ​
Operating expense (excluding stock-based compensation) | ​ | ​ | (124) | ​ | — | ​ | (124) | ​
Selling, general and administrative expense (excluding stock-based compensation) | ​ | ​ | (191) | ​ | (11) | ​ | (202) | ​
Adjusted OIBDA | ​ | $ | 176 | ​ | (11) | ​ | 165 | ​
​ Other Information ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, 2025 |
​ | ​ | Total | ​ | Investments | ​ | Capital |
​ | ​ | assets | ​ | in affiliate | ​ | expenditures |
​ | ​ | amounts in millions |
GCI Holdings |  | $ | 3,363 |  | — |  | 119 | ​
Corporate and other | ​ |  | 13,230 |  | 13,080 |  | — | ​
Consolidated Liberty Broadband | ​ | $ | 16,593 |  | 13,080 |  | 119 | ​
​ The following table provides a reconciliation of Adjusted OIBDA to Operating income (loss) and Earnings (loss) before income taxes: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three months ended | ​ | Six months ended |
​ | ​ | June 30, | ​ | June 30, |
​ | ​ | 2025 | ​ | 2024 | ​ | 2025 |  | 2024 |
​ | ​ | ​ | amounts in millions |
Consolidated segment Adjusted OIBDA |  | $ | 99 |  | 80 |  | 198 |  | 165 | ​
Stock-based compensation | ​ |  | (6) | ​ | (7) | ​ | (9) |  | (14) | ​
Depreciation and amortization | ​ |  | (52) | ​ | (52) | ​ | (105) |  | (102) | ​
Operating income (loss) | ​ | ​ | 41 | ​ | 21 | ​ | 84 | ​ | 49 | ​
Interest expense | ​ | ​ | (40) | ​ | (52) | ​ | (80) |  | (103) | ​
Share of earnings (loss) of affiliate, net | ​ |  | 345 | ​ | 297 | ​ | 663 |  | 577 | ​
Gain (loss) on dilution of investment in affiliate | ​ |  | (15) | ​ | (4) | ​ | (33) |  | (32) | ​
Realized and unrealized gains (losses) on financial instruments, net | ​ |  | 76 | ​ | (17) | ​ | 39 |  | 59 | ​
Other, net | ​ |  | 7 | ​ | 8 | ​ | 5 |  | 12 | ​
Earnings (loss) before income taxes | ​ | $ | 414 | ​ | 253 | ​ | 678 |  | 562 | ​
​

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- Definition The entire disclosure for reporting segments including data and tables. 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